NEWS RELEASE For Immediate Release
ISDA to Publish Auction Terms for Mediannuaire
LONDON, January 23, 2013 – The International Swaps and Derivatives Association, Inc. (ISDA) today announced that LCDS dealers voted to hold an auction for European loan-only CDS transactions referencing certain facilities entered into pursuant to a Senior Credit Agreement entered into by the credit known as Mediannuaire on 10th October 2006 (and as amended from time to time thereafter).
European loan only CDS (LCDS) transactions refer to Reference Obligations rather than Reference Entities, as is the case in regular CDS and North American LCDS.
The Markit iTraxx LevX Market Makers have determined that a Failure to Pay Credit Event has occurred in respect of the referenced credit agreement, based on publicly available information.
ISDA will facilitate the process by publishing the auction terms on its website http://dc.isda.org/http://dc.isda.org/lcds-management/, in due course. The auction will be administered by Markit and Creditex.
For Media Enquiries, Please Contact:
Rebecca O’Neill, ISDA London, +44 203 088 3586, roneill@isda.org Lauren Dobbs, ISDA New York, +1 212 901 6019, ldobbs@isda.org Donna Chan, ISDA Hong Kong, +852 2200 5906, dchan@isda.org
About ISDA
Since 1985, ISDA has worked to make the global over-the-counter (OTC) derivatives markets safer and more efficient. Today, ISDA is one of the world’s largest global financial trade associations, with over 815 member institutions from 60 countries on six continents. These members include a broad range of OTC derivatives market participants: global, international and regional banks, asset managers, energy and commodities firms, government and supranational entities, insurers and diversified financial institutions, corporations, law firms, exchanges, clearinghouses and other service providers. Information about ISDA and its activities is available on the Association’s web site: www.isda.org. ISDA® is a registered trademark of the International Swaps and Derivatives Association, Inc.
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